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EC351: International Economics


Course Content

This course provides an analysis of the economic relationships between countries, covering both trade and monetary issues.

The course is split into two parts:

International macroeconomic issues

This part of the course starts out with an overview of the balance of payment accounts and open economy income identities. It then focuses on some of the key questions in open economy macroeconomics such as:

  • How are nominal exchange rates determined?
  • What does it mean for a currency to be overvalued or undervalued?
  • Why do countries run large current account surpluses or deficits? Are such external imbalances sustainable?
  • Why do some fixed exchange rate regimes fail and end in a currency crisis?
  • What are the benefits and costs of a common currency? 

International trade theory and policy

This part of the course addresses some of the classic questions of international trade theory such as: 

  • Who trades what with whom? 
  • What are the effects of trade on welfare and the income distribution? 
  • What are the effects of barriers to trade and economic integration? 

We look both at the answers of classical and new trade theory to these questions. The first part ends with an overview of recent theoretical and empirical research on the role of heterogeneous firms in international trade.

World-class LSE teaching             

The LSE Department of Economics is one of the biggest and best in the world, with expertise across the full spectrum of mainstream economics. A long-standing commitment to remaining at the cutting edge of developments in the field has ensured the lasting impact of its work on the discipline as a whole.

It is a leading research department, consistently ranked in the top 20 economics departments worldwide. This is reflected in the 2014 Research Assessment exercise which recognised the Department's outstanding contribution to the field

On this three week intensive programme, you will engage with and learn from full-time lecturers from the LSE’s economics faculty.



P. R. Krugman, M. Obsfeld and M. Melitz, International Economics, (10th edition), Pearson Education (2015).

*A more detailed reading list will be supplied prior to the start of the programme

**Course content, faculty and dates may be subject to change without prior notice



Session: One

Dates: 19 June - 7 July 2017

Dr Gianluca Benigno
Dr Thomas Sampson

Level: 300 level

Fees: Click here for information

Prerequisites: Intermediate microeconomics and macroeconomics, knowledge of single variable calculus

Lectures: 36 hours 

Classes: 18 hours

Assessment*: Two written examinations

Typical credit**: 3-4 credits (US)
7.5 ECTS points (EU)

How to apply?

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*assessment is optional – see FAQs

**You will need to check with your home institution. Read more about credit transfer here.